The GameStop meme stock rally helped AMC stock surge 32% — and the company raised $250 million

The return of Roaring Kitty to social media has prompted the meme stock craze to return, and AMC Entertainment raised approximately $250 million in new equity capital on Monday by selling 72.5 million shares at an average price of $3.45.

AMC stock surged another 130% in pre-market trading on Tuesday and was still up 102% after markets opened. In the afternoon, the trading was halted, and the stock was at $7, up 36%. The closing price of AMC shares rose by 32% to $6.85.

On Monday, AMC stock closed up 78.35% to $5.19 per share, as the meme stock craze returned due to the resurfacing of Roaring Kitty, aka Keith Patrick Gill, on social media. He is known for igniting GameStop’s massive meme stock short squeeze in 2021.

On Sunday, he posted a picture on X showing a gamer leaning forward in the chair, indicating intense focus — and prompting speculation among followers that he’ll return to Reddit. The tweet has been viewed by over 24 million people as of Tuesday morning.

During Tuesday’s premarket trading, GameStop’s stock soared over 127% thanks to the meme craze. The video retailer’s stock closed at $30 on Monday, up over 74%.

More on GameStop, AMC, and the meme stocks rally

GameStop short-sellers have lost more than $2 billion as the meme stock rally continues

‘Roaring Kitty’ brought back the GameStop meme stock frenzy. Here’s what to know about him

It’s not just GameStop and AMC. These meme stocks are also rallying

GameStop meme stock mania is back. Here’s what happened last time